Los Angeles CA, July 24 (Tangible Investments) — by James O’Dell — Precious metals prices rose modestly in early trading on Monday while Gold gains as IMF lowers US economic outlook. Gold is up 0.18 percent to $1,256.80 an ounce after rallying $10.50 on Friday to finish the week at $1,254.50 an ounce.

Silver is up 0.27 percent to $16.55 an ounce after climbing $0.21 on Friday to end the week at $16.51 an ounce. The Gold/Silver ratio fell to 75.98. Platinum is up 0.11 percent to $935.00 an ounce. Palladium is up 0.12 percent to $842.00 an ounce.

Gold hit 4-week highs in early trading Monday as concerns mount over President Trump’s ability to move his agenda forward.

“I think people are getting more nervous and careful about what is going to happen. (In terms of the controversies surrounding the administration of U.S. President Donald Trump),” said Yuichi Ikemizu, of ICBC Standard Bank.

“The market is expected to be quiet heading into the summer holidays in Asia, but if it moves at all, it’ll move to the upside rather than the downside,” he added.

Investor focus now shifts to the two-day Federal Open Market Committee (FOMC) meeting starting on Tuesday. The FOMC meeting is expected to conclude Wednesday with no changes to policy.

No Changes Expected At July FOMC Meeting

A statement by the Committee follows the meeting but no press conference is scheduled for Fed Chair Janet Yellen afterward.

“With investors adopting a cautious approach ahead of an explosively data-packed and event-filled week, safe-haven assets such as Gold could come back into fashion,” says FXTM research analyst Lukman Otunuga.

Meanwhile, the International Monetary Fund (IMF) lowered its growth outlook for both the U.S. and U.K. economies on Monday. The IMF says the U.S. economy will grow at just a 2.1 percent pace this year and next. That’s down sharply from its projection of 2.3 percent and 2.5 percent respectively, published only three months ago.

“While the markdown in the 2017 forecast reflects in part the weak growth outturn in the first quarter of the year, the major factor behind the growth revision, especially for 2018, is the assumption that fiscal policy will be less expansionary than previously assumed, given the uncertainty about the timing and nature of U.S. fiscal policy changes,” said the Fund.

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